US construction to help copper in 2013

Jan 24, 2013 | 03:12 PM | Suzy Waite

Tags  Copper, Freeport-McMoRan Copper & Gold, Richard Adkerson, Christopher Ecclestone, Hallgarten, Morgan Stanley, John Tumazos, Very Independant Research Citigroup

NEW YORK — Analysts and producers are reasonably optimistic about copper demand this year as a number of end-markets, notably U.S. construction, rebound.

Even a modest recovery in construction will undoubtedly boost copper markets, analysts and producer sources said.

"I’m expecting a construction recovery in 2013. Not a rip-roaring one by any means, but a moderate, bubbling recovery," Christopher Ecclestone, mining strategist at Hallgarten & Co. LLC, told AMM. "It can’t stay in the dumpster forever. It’s been five years."

A second analyst agreed. "Construction spending in the U.S. improved ... in 2012 after five years of consecutive declines. It’s just a matter of how much it will increase, but the link to construction spending (will boost copper)," he said.....

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